Traders News Source Senior Editor Mark Roberts Interviews Anthony Capone President DocGo Inc. (NASDAQ: DCGO)
Anthony Capone has served Ambulnz’s executive team since 2017 and now serves DocGo as president, having previously served as DocGo CTO, and CPO. Mr. Capone holds a graduate CS degree in Artificial Intelligence from Clarkson University and has over 20 years of software engineering experience. His sterling record of entrepreneurial excellence includes leading three companies from start to successful exit. In addition to his roles at DocGo, Mr. Capone is a member of the Forbes Tech Council, writing on topics at the intersection of healthcare and AI.
Could you give us a brief overview and future vision for your company?
DocGo is a leading provider of last-mile mobile health services. DocGo is disrupting the traditional four-wall healthcare system by providing high quality, highly affordable care to patients where and when they need it. DocGo’s innovative technology and dedicated field staff of certified health professionals elevate the quality of patient care and drive business efficiencies for facilities, hospital networks, and health insurance providers. With Mobile Health, DocGo empowers the full promise and potential of telehealth by facilitating healthcare treatment, in tandem with a remote physician, in the comfort of a patient’s home or workplace. DocGo is able to deliver efficient, cost-effective mobile healthcare by leveraging proprietary logistics and scheduling technology, similar to those used in the ride-share industry – over time, we have invested over $40 million in our technology platform. Our goal is to further leverage our platform, our skilled clinicians, and nimble approach to broaden the breadth, depth and scope of healthcare services we provide.
DCGO recently reported Q2 results with great results from top line to bottom line. Congratulations! How many clinicians do you deploy and how many states does DCGO operate in?
DocGo has provided services in 29 US states and in the UK with over 4,000 full time employees, approximately 90% of those are in clinical roles. In addition, during periods of rapid growth the company can expand capacity through temporary staff. DocGo expects to hire an additional 600 full time employees in the second half of 2022.
DCGO is a growing company, and the labor market is challenging. What do you do to attract and retain new employees.
We offer a very attractive employment package that pays above the industry average in most of the markets where we operate, and we also invest in employee training. Full-time employees enjoy benefits including medical insurance and PTO, and are eligible to earn stock options which vest over a four-year period. This collective combination of attractive pay, increased training, industry-leading benefits and being a part of a team that is changing the way healthcare is delivered is very appealing and validated by our strong Glassdoor rating of 4.3.
You have a share repurchase program in place. Have any shares been repurchased to date?
Approximately 70,000 shares at an average cost of $7.10 have been repurchased to date. When we adopted the plan, the stock was in the mid $6 range. The buyback was put in place as part of a broader capital deployment strategy and to take advantage of the low valuation in our shares. We will continue to be opportunistic in our share repurchases.
Can you briefly describe the Hoverlance and tell us potential scenarios where it might be deployed?
The Hoverlance is a concept vehicle that establishes a bold vision for the future of emergency response – a vehicle that can rescue patients anywhere, via air, land or sea. It is currently being used for educational and promotional purposes. DocGo is constantly innovating – this line of thinking led us to also build and launch America’s first all electric ambulance, which has already been used to transport patients. This is the start of our Zero Emission initiative, which has the goal of converting our entire fleet to EV vehicles by 2032.
Covid testing has been a large part of the DCGO revenues. Do you expect to sustain that revenue through 2022?
Mass Covid testing revenues are expected to decline to insignificant amounts over the very near term, with the majority of programs having already been wound down. In most cases, we are transitioning directly into new non-Covid related programs with the same customer, so we expect relatively minimal disruption to revenues as a result.
Could DCGO grow to $1B in revenues?
We do not comment on our revenue outlook potential beyond our stated revenue guidance of $425-$435 million in 2022 and $40-$45 million in adjusted EBITDA. What we can say is that we have a very large untapped TAM in front of us with a proven model that customers are very excited about. We have an exceptional track record getting our foot in the door with high profile customers such as Carnival Cruise lines or the City of New York and then growing that customer relationship considerably. As a result, approximately 90% of DocGo revenues are generated from contracts in their third, fourth or fifth generation. In addition, DocGo’s mobile health NPS score, which is the industry standard for customer feedback, is an exceptional +77. The scoring scale is for that system is -100 to +100, with scores above 30 viewed as good and above 50 is great. We believe we have the vision, the team, the technology, a differentiated offering, and a growing customer base – now we just need to continue executing.
DCGO reports $200M in cash. Are you involved in any M&A talks or exploration? Would vertical or horizontal acquisitions make more sense to grow the company?
DocGo has stated publicly that we plan to be active on the M&A front with numerous proposed transactions in various stages of negotiation. We are looking at a range of companies that can potentially expand the breadth and depth of our service offerings or drive cost savings.
Analysts have a consensus target of $14.17 for DCGO shares representing an upside of nearly 40%. Does that seem like a viable near-term target for the company shares to you?
We see a significant growth opportunity ahead and our job is to continue building upon our track record of strong operational execution. As far as price targets go, we will leave that to our coverage analysts. What I can say is that we are extremely optimistic about DocGo’s role and growth potential in the ongoing transformation of how healthcare is delivered.
The Traders News Team
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